Symphony Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Symphony Ltd filed with BSE on 22 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Symphony reported consolidated FY26 revenue of ₹1,131 crores, down 28% year-on-year, with PAT turning negative at ₹141 crores after exceptional impairment charges related to the Australia business. Management fully impaired its equity investment in Climate Technologies Australia worth ₹348 crores and ring-fenced the U.S. business as a direct subsidiary of Symphony India. Standalone Q4 FY26 revenue fell to ₹199 crores from ₹368 crores, with management citing channel inventory overhang and a weak summer season in North and East India.
Numbers mentioned
Consolidated Revenue: ₹1,131 crores (FY26)
p. 3
“So, coming to financials. On a consol basis, for the year FY26, top line stood at ₹1,131 crores, down by 28% Y-o-Y, leading to PBT (before exceptional items) of ₹149 crores, down from ₹326 crores.”
Nrupesh Shah, page 3 of the filed PDF · View the filing
Consolidated PAT: negative ₹141 crores (FY26)
p. 3
“After providing for exceptional onetime impairment provision and net of some of the write-back, the PAT stands at negative ₹141 crores.”
Nrupesh Shah, page 3 of the filed PDF · View the filing
Standalone Revenue: ₹765 crores (FY26)
p. 3
“Coming to stand-alone performance of Symphony India, Revenue is ₹765 crores, down from ₹1,182 crores.”
Nrupesh Shah, page 3 of the filed PDF · View the filing
Standalone PAT: negative ₹166 crores (FY26)
p. 3
“PBT (before exceptional items) stands at ₹164 crores, down from ₹329 crores and profit after tax after exceptional items stands at negative ₹166 crores.”
Nrupesh Shah, page 3 of the filed PDF · View the filing
Consolidated Q4 Revenue: ₹338 crores (Q4 FY26)
p. 4
“For Q4 FY26 i.e. March quarter, on a consolidated basis, revenue is ₹338 crores, down from ₹488 crores.”
Nrupesh Shah, page 4 of the filed PDF · View the filing
Gross Margin: 46.4% (Q4 FY26)
p. 4
“Gross margin percentage, the noteworthy barometer of the profitability is intact. It is 46.4%, in line with previous year.”
Nrupesh Shah, page 4 of the filed PDF · View the filing
EBITDA Margin: 15.5% (Q4 FY26)
p. 4
“EBITDA has taken a toll mainly on account of economies of scale and operating leverage and hence, EBITDA margin stands at 15.5 % down from 21.2 %.”
Nrupesh Shah, page 4 of the filed PDF · View the filing
BISP Revenue: ₹558 crores (FY26)
p. 4
“That is the product portfolio not specifically dependent on Indian summer that constituted ₹558 crores of sales out of about ₹1,100 crores plus, i.e. 49 % of FY26 Consolidated revenue”
Nrupesh Shah, page 4 of the filed PDF · View the filing
Symphony India Q4 Revenue: ₹199 crores (Q4 FY26)
p. 4
“Coming to Symphony India in Q4 FY26, the revenue stands at ₹199 crores, down from ₹368 crores.”
Nrupesh Shah, page 4 of the filed PDF · View the filing
Australia Impairment: ₹348 crores (FY26 cumulative)
p. 5
“So entire equity investment made in Australia worth of ₹348 crores cumulatively, including about ₹298 crores in the current year has been impaired.”
Nrupesh Shah, page 5 of the filed PDF · View the filing
Australia Business Loss: ₹33 crores (FY26)
p. 5
“But in a nutshell, despite all that, in last 2 years, Australia business has registered losses of ₹60 crores, including ₹33 crores in FY '26.”
Nrupesh Shah, page 5 of the filed PDF · View the filing
IMPCO Mexico Revenue: ₹182 crores (FY26)
p. 7
“So, about IMPCO Mexico, for FY '26, the top line stood at ₹182 crores and EBITDA ₹21 crores.”
Nrupesh Shah, page 7 of the filed PDF · View the filing
GSK China Revenue: ₹96 crores (FY26)
p. 7
“For GSK China, top line was ₹96 crores and EBITDA of ₹8 crores.”
Nrupesh Shah, page 7 of the filed PDF · View the filing
Climate Technologies Australia Revenue: ₹182 crores (FY26)
p. 7
“And for Climate Technologies, Australia, Top line was ₹182 crores, and including profit of USA business, the PAT figure I have is negative ₹11 crores because there we had a substantial interest outflow also.”
Nrupesh Shah, page 7 of the filed PDF · View the filing
US Business Revenue: ₹45 crores (FY26)
p. 7
“In FY '26, U.S. business sales was about ₹45 crores.”
Nrupesh Shah, page 7 of the filed PDF · View the filing
Final Dividend: ₹5 per share (FY26)
p. 4
“And the Board of Directors has declared final dividend of ₹5 on a face value of ₹2, amounting to total annual payout of ₹62 crores.”
Nrupesh Shah, page 4 of the filed PDF · View the filing
Standalone Q4 EBITDA Margin: 17% (Q4 FY26)
p. 10
“On a consol level, it is 15.5% and on a standalone level, it is 17 %, which year before it's about 27 %.”
Nrupesh Shah, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capital investment in Australia business — no further investment
stated firmly by Nrupesh Shah
p. 5
“The Board of Directors and company has very importantly and categorically decided that no further capital investment or allocation will be made to Australia business.”
Nrupesh Shah, page 5 of the filed PDF · View the filing
GSK China loan repayment — ₹4 crores balance repaid · next 6 months
stated conditionally by Nrupesh Shah
p. 4
“and this ₹4 crores of loan repayment is expected in next 6 months, whereby GSK China will be debtfree in terms of the long-term loan.”
Nrupesh Shah, page 4 of the filed PDF · View the filing
Cost pass-through of price increase — full price increase passed on · starting 1st July
stated firmly by Nrupesh Shah
p. 11
“But as fully new production takes place and starting 1st July, we will be in a position to pass entire price increase in one way or other way.”
Nrupesh Shah, page 11 of the filed PDF · View the filing
Remittance for US business and IPR acquisition — ~₹52 crores · current week or next week
stated firmly by Nrupesh Shah
p. 6
“And ₹52 crores will be remitted again out of Treasury of Symphony India in current week or next week.”
Nrupesh Shah, page 6 of the filed PDF · View the filing
BISP EBITDA margin — in line with air cooler business
stated as an aspiration by Nrupesh Shah
p. 10
“No. So for sure, it has the potential to be in line with our air cooler business, and with operating leverage.”
Nrupesh Shah, page 10 of the filed PDF · View the filing
Summer sales outlook for North and East India — decent summer sales · current week onward, 4 to 6 weeks
stated conditionally by Nrupesh Shah
p. 4
“If so, still, we have a runway of 4 to 6 weeks of decent summer sales.”
Nrupesh Shah, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the regional mix varies by year and that despite inventory overhang, April saw a decent uptick, with a possible good summer if weather holds.
Answered by Nrupesh Shah
Asked by Ankur Kumar: What percentage of business comes from North India and how is overall performance shaping up?
p. 6
“However, despite huge inventory until pre-season, in April, there has been a decent uptick in the fresh business in the month of April.”
Nrupesh Shah, page 6 of the filed PDF · View the filing
Management said there is no buyback planned currently but the Board would consider it at the right time.
Answered by Nrupesh Shah
Asked by Ankur Kumar: Are there any plans for a share buyback given the low stock price?
p. 6
“No, at the right time, Board will consider as it was done in the past and irrespective of anything, there has been a decent payout.”
Nrupesh Shah, page 6 of the filed PDF · View the filing
Management gave a range of historical US sales and FY26 figure, noting margins are broadly in line with the domestic business.
Answered by Nrupesh Shah
Asked by Vinay Nadkarni: What is the size of the US business in sales, EBITDA and PAT?
p. 7
“So, size of US business in last 5 years have varied from, if I say in ₹, ranging from ₹30 crores to ₹140 crores.”
Nrupesh Shah, page 7 of the filed PDF · View the filing
Management said tariffs had come down and were not material, calling it a nonissue currently.
Answered by Achal Bakeri
Asked by Vinay Nadkarni: Is the tariff situation on Mexico-sourced products a concern going forward?
p. 7
“So all in all, it's become a nonissue at the moment.”
Achal Bakeri, page 7 of the filed PDF · View the filing
Management explained a shift to a distributor-led model with local teams, without company warehousing, to keep the business running without further capital.
Answered by Achal Bakeri
Asked by Vinay Nadkarni: What is the future plan for Climate Technologies Australia given no further funding will be provided?
p. 8
“So essentially, the company there will just have the team, which will manage the affairs, whereas the commercial transactions would be entirely between the distributors and our company in China or India, which have been traditionally selling products to the Australian subsidiary.”
Achal Bakeri, page 8 of the filed PDF · View the filing
Management said its wide product range across price points helps defend and potentially grow market share.
Answered by Achal Bakeri
Asked by Manan Goyal: How is Symphony defending its market share against aggressive new entrants pricing air coolers lower?
p. 8
“So, the advantage that we have of our product portfolio is that we are able to sort of have products at the value for the value segment as well as for the premium segment.”
Achal Bakeri, page 8 of the filed PDF · View the filing
Management said subsidiaries would incrementally add to profitability given minimal capital deployed and reducing loan balances.
Answered by Nrupesh Shah
Asked by Haider Kachwalla: What is the growth outlook for the subsidiaries following the Australia reset?
p. 9
“No. So very clearly, with this Australia reset, balance sheet reset, subsidiaries will incrementally contribute to the profitability.”
Nrupesh Shah, page 9 of the filed PDF · View the filing
Management said there has been a cost increase but the current quarter will benefit from older, lower-cost inventory, with price hikes to be passed on from July.
Answered by Nrupesh Shah
Asked by Shraddha Kapadia: What is driving the increase in other expenses, and how will PVC price increases be managed?
p. 11
“No, there has been huge cost increase undoubtedly. But at least in current quarter, i.e. June quarter, we have the benefit of old inventory, which was at a lower cost.”
Nrupesh Shah, page 11 of the filed PDF · View the filing
Risks flagged
Channel inventory overhang and weak prior summer affecting Symphony India revenue
p. 4
“There was until 31st March ’26, channel caution because of inventory overhang and bad summer of '25.”
Nrupesh Shah, page 4 of the filed PDF · View the filing
Weather disturbances affecting North and East India sales
p. 4
“However, in April as well as until now, there has been some weather disturbances”
Nrupesh Shah, page 4 of the filed PDF · View the filing
Export revenue impacted by Middle East geopolitical headwinds
p. 5
“Export revenue was impacted mainly on account of ongoing Middle East geopolitical headwinds.”
Nrupesh Shah, page 5 of the filed PDF · View the filing
Australia business losses and capital inefficiency
p. 5
“But in a nutshell, despite all that, in last 2 years, Australia business has registered losses of ₹60 crores, including ₹33 crores in FY '26.”
Nrupesh Shah, page 5 of the filed PDF · View the filing
COVID-related lockdown disrupted post-acquisition integration of Australia business
p. 5
“Just within 15 to 16 months post-acquisition, we witnessed COVID-related world's longest lockdown for almost 21 months.”
Nrupesh Shah, page 5 of the filed PDF · View the filing
Regulatory changes forced exit from certain products in Australia
p. 5
“On top of it, due to changes in local regulation, we had to exit certain key-products, especially gas-based products.”
Nrupesh Shah, page 5 of the filed PDF · View the filing
Cost pressure from raw material price increases including PVC
p. 11
“No, there has been huge cost increase undoubtedly.”
Nrupesh Shah, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.